Bill Would Extend Tax Relief for Midwest Disaster Victims
Iowa Sen. Chuck Grassley wants Midwest disaster victims to have more to time to benefit from tax relief intended to help with the repair or replacement of damaged homes.
Grassley has introduced legislation that would extend the deadline for applying for tax relief under the Heartland Disaster Tax Relief Act of 2008.
The measure gives temporary tax relief to people in the Midwest who experienced severe floods and tornadoes in spring 2008. A similar effort was provided for people affected by Hurricane Katrina in 2005.
According to Grassley, because of delays in federal funding and tighter credit conditions, many homeowners affected by the 2008 floods and storms will be unable to meet the deadline for the tax relief intended to help with recovery.
He says it is only fair to extend the deadline.
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